When your mortgage is underwater, the amount you owe on the mortgage loan is more than the property’s current market value. So, of course, it’s best to ride out the changing real estate market and stay in the home for several years to allow equity to build. However, many motivating factors lead homeowners to sell, such as moving long distances to be nearer to family, a sudden job relocation, or difficulty making payments. In addition to the typical stresses of life, selling your home can be extremely stressful, expensive, and time-consuming. It may also be the largest financial transaction of your life, and naturally, you want to make the best deal possible, despite your circumstances.
Understandably, sellers feel overwhelmed when faced with a mortgage underwater; however, when you understand your choices, you can move forward and confidently make decisions. A few options are available if you’re facing difficulty making payments. If you should find yourself with a Orange County mortgage underwater, read on as we explore what you can do about it.
Lender Options
One option for those with a Orange County mortgage underwater is to discuss the options your lender can provide, such as a loan modification, short sale, or submitting a deed in lieu of foreclosure. It’s best to enter any of these processes with your eyes wide open to the realities of what a lender will require of you. In addition, you should understand how your efforts will affect the outcome and the negative consequences, including the effect on your credit score and why you should avoid foreclosure. Professional buyers, like those at H&M Realty Group, can help you understand your options and weigh the pros and cons of each course of action. At H&M Realty Group, our professional buyers work with a policy of total transparency because we want what is best for the seller; we’re proud of our work helping Orange County sellers deal with problems selling their houses.
Direct Sale
Or, if you have a Orange County mortgage underwater, you could directly sell the property and avoid the hassles of negotiating with your lender, the paperwork, and jumping through hoops to meet deadlines and satisfy the lender. When you make a direct sale, you also avoid spending any cash out of pocket to prep, make repairs or pay for costly marketing expenses and real estate commissions. Professional buyers like those at H&M Realty Group buy houses in as-is condition and take on all the risks. At H&M Realty Group, our professional buyers never charge commissions at H&M Realty Group, and no hidden fees await you at closing. You won’t even pay closing costs because of our full-service in-house team of industry specialists at H&M Realty Group. This built-in team of local pros allows us to work quickly and efficiently and provide Orange County sellers like you with a mortgage underwater with a guaranteed closing date, often within days. Or talk to one of our local professional buyers at H&M Realty Group about selecting the best day for your move.
A direct sale to one of our professional buyers at H&M Realty Group is the best way to sell if you have a Orange County mortgage underwater. We make selling directly easy for sellers at H&M Realty Group with straightforward contracts, and an offer you’ll agree is fair. At H&M Realty Group, we’re your neighbors who live and work alongside you here in Orange County, and we want you to feel good about working with us long after closing. That is why the professional buyers at H&M Realty Group will talk to you with no obligation and allow you to compare what you would profit from each option and decide what works best, given your current personal and financial situation. Call H&M Realty Group at 949-625-4533.